Kronos closes 2022 with €465M

 In News, Property, Real Estate

The Spanish real estate developer Kronos, which in Portugal has the projects ‘The One’ and ‘Palmares Ocean Living Golf’, closed 2022 with a turnover of €465 million and estimates that it will increase this by €500 million in 2023.

The Kronos Real Estate Group sold 1,100 residential properties, while its portfolio increased to 16,000 units according to the Spanish newspaper El Economista’ on Thursday, January 26.
The group which has two projects in Portugal, ‘The One’ off Avenida João XXI in Lisbon’s Praça de Londres area and ‘Palmares Ocean Living Golf’, expects an increase of up to 5% in the price of new construction projects in 2023 because of the increase in interest rates, inflation and also product offer.
“Over the next 18 months there will be a lack of new building stock which will push prices up between 3% and 5%. The pressure is great and this will not favour the buyer”, says Said Hejal, CEO of Kronos Real Estate Group.
Nevertheless, the developer which has projects in Madrid, Barcelona, Seville, Malaga and Cordoba in Spain, is expecting an increase in its turnover and the sale of 1,200 homes.
The developer also has its built to rent platform Stay Kronos with Nuveen Real Estate, with a portfolio of 3,000 homes for rent, with a target of 5,000 over the next two years.